Poor power supply remains one of the major problems in Nigeria. In this interview with UDEME AKPAN, the Managing Director and Chief Executive Officer, Lumos Nigeria, Mrs Peju Adebajo, disclosed that operators are ready to support the Federal Government in delivering renewables to consumers, to support the nation’s national grid.
In your opinion, how has the coronavirus pandemic ravaged Nigeria’s economy?
There were a couple of global situations happening at the same time, one of which was the health pandemic, the coronavirus, and on the other hand, the oil shock, which led to a loss in revenue for Nigeria – resulting in an adjustment to the national budget.
Many of our trading partners globally are also suffering from the effects of this sudden health shock and economies worldwide are facing the prospect of recession and a decline in GDP. Nigeria is no exception.
Sectors like aviation, manufacturing and hospitality have been badly affected and even places of worship like churches and mosques.
Some, like food and healthcare, are thriving. The restriction on movement and social distancing has disproportionately affected many small or micro-enterprises with some organisations laying off staff, not paying or not improving salaries.
Purchasing power is affected and there is an air of uncertainty. All of these issues can be overcome, but it is challenging for Nigeria considering our dependence on oil revenues.
The government is juggling a number of balls, working with a reduced budget and planning the economic recovery.
What can the stakeholders; especially the Federal Government and investors, do to kick-start the economy after the pandemic?
The Federal Government has done a lot and I do commend these efforts, because despite a dip in revenues, the government has continued to deploy several interventions towards managing the current economic situation.
For example, the CBN fund with reduced interest rates for businesses, the NIRSAL facility for smaller businesses, a healthcare fund, and payments to people on the social register. Importantly, the Economic Sustainability Plan (ESP) including the plan to introduce five million Solar Home Systems for twenty-five million people. This is very commendable and an excellent opportunity for the renewable energy industry.
What role do you think adequate and stable power supply will play in this direction?
Thank you all